Bill > S1952

This bill establishes the Rural Jobs Act, a comprehensive program designed to stimulate economic development in rural Massachusetts areas by creating a tax credit incentive for investment funds that provide capital to small businesses in rural regions. The bill creates a mechanism for the Massachusetts Office of Business Development (MOBD) to certify "rural growth funds" that invest in rural businesses with fewer than 250 employees and less than $10 million in revenue. Investors in these funds can receive nonrefundable tax credits of up to 25% per year over four years, contingent upon the fund meeting specific investment and job creation requirements. Key provisions include limits on total investment authority ($100 million), stringent application requirements for rural growth funds, and detailed reporting obligations to track job creation and retention. Businesses must be located in municipalities with population densities under 500 residents per square mile and be focused on industries like manufacturing, plant sciences, services, or technology. The bill includes robust accountability measures, such as potential clawback provisions if job creation targets are not met, and requires funds to reinvest returned capital into rural businesses within specified timeframes. The ultimate goal is to promote economic growth, job retention, and business expansion in rural Massachusetts communities by providing targeted financial incentives.

Budget and Finance

https://malegislature.gov/Bills/194/S1952